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news.Novartis has signed a Memorandum of Understanding (MoU) with the City of St Petersburg, confirming its intent to build a new full-scale pharmaceutical manufacturing plant in St Petersburg; Russia.
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Novartis said that the investment is part of an overall $500m commitment in local infrastructure and collaborative healthcare initiatives planned over a five-year period.
The partnership addresses three core areas that include local manufacturing, research and development (R&D) partnerships and public health development.
The company said that once completed and approved for commercial production, the new St Petersburg facility is expected to manufacture both high-quality branded generics as well as pharmaceuticals.
In parallel with the establishment of its own manufacturing facility in Russia, Novartis plans to continue to expand its investments in R&D and public health collaborations in alliance with the Russian government.
Novartis CEO Joseph Jimenez said that Novartis is making a strategic investment in Russia for long term growth.
"The ongoing partnership with Russia enables us to expand our commercial presence in a key emerging market," Jimenez said .